Freedom Tower's First Tenant

After months of negotiating and rumors and worries, it's official: The federal and NY State government will lease 1 million square feet in Freeom Tower. The NY Times reports Mayor Michael Bloomberg, NY Governor George Pataki and NJ Governor Jon Corzine will announce the "tentative" agreement for an anchor tenant to occupy 38% of the space today. Some interesting facts:

- The agreement has agencies paying $59/square foot
- Though the Port Authority is happy with the development, it may not approve the building of the tower for many months (yet "construction" of it began months ago)
- Critics are still unhappy with the plan - including other real estate developers and building owners whose downtown buildings aren't getting $59/foot

Stay tuned - there will probably be some sniping to come.

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By Jen Chung in News on September 17, 2006 12:10 PM

Comments [rss]

jack oneil

We don't have a housing shortage, we have too many people sucking off of the city's tit paying below market rates or no rent at all. Fix that and there will be plenty of apts for good rent-paying folk like yourself.

Zac

Can someone please explain why, in a city with a housing shortage and a glut of commercial real estate, we are building a massive new commercial real estate complex?

(BTW, if "sentimental value" is the answer then we should be doing the Gardner Belton plan, not this "freedom tower" schlock.)

interlard

Glad to know that my taxes are helping to overpay big, fat real estate developers.

On the upside, it will stay a hole in the ground for about as long as I'm paying taxes.